Just like medical costs, you can only get a deduction
in this catch-all category if your expenses exceed a threshold: two
percent of your adjusted gross income in this case.
The list of qualifying expenses is long, but you
get no tax savings unless you pass the two percent floor. As you
get your bearings in November, see how close you are to the
threshold. If it is certain you'll fall short, hold off paying
qualifying expenses, such as professional dues and the cost of
subscriptions to tax or investment publications, or postpone
buying small tools for use in your job. If it's likely your
expenses will exceed two percent of AGI, speed up such spending
to exploit the tax subsidy. For a full list of miscellaneous
deductions, see
IRS
Publication 529.
Also, keep in mind that miscellaneous expenses are not deductible when calculating whether or not you'll be subject to the AMT.
Also, keep in mind that miscellaneous expenses are not deductible when calculating whether or not you'll be subject to the AMT.
